Technical analysis

EURJPY Wave Analysis 13 October, 2020

EURJPY Wave Analysis 13 October, 2020

• EURJPY reversed from resistance area

• Likely to fall to 123.25

EURJPY recently reversed down with the daily Bearish Engulfing from the resistance area lying between the resistance level 125.00, upper daily Bollinger band and the 50% Fibonacci correction of the downward impulse A from September.

The downward reversal from this resistance area stopped the previous short-term ABC correction B.

EURJPY is likely to fall further toward the next support level 123.25 (which stopped the previous minor correction (b) at the start of October).

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